Buying any home is a big risk. While a property might look perfect at first glance, it could be riddled with mould inside the walls, pipework issues or structural faults, which could cost you a pretty penny.
If you’re happy to take a chance on a property that requires a lot of TLC, you could reap many rewards for your hard work and effort. If you’re undecided on whether to buy a fixer-upper or a home in need of a renovation, here are four reasons to consider buying a run-down property.
- A Cheaper Investment
A property in a poor condition will likely lead to limited offers from buyers, which will be reflected in its value. Therefore, if you have money to invest, a run-down property could help you snag a home at a bargain price. You will then have the freedom to put your own stamp on the interior and exterior.
- Add Significant Value
Boost a run-down property’s value by installing a brand-new kitchen, giving the bathroom a makeover or converting a loft. It is believed that installing a £10,000 kitchen into a home can increase its overall value by a whopping £30,000. So, investing in a run-down property could be a smart financial decision in the long term. If you want to boost a home’s value and create an attractive space once you move in, connect with this kitchen showroom Dudley team, who can walk you through the design process.
- A Sense of Pride
A run-down property will provide a creative project to focus your attention on in your spare time. You’re bound to feel a sense of pride when fixing dripping taps, repairing damaged windows or renovating entire rooms.
Every improvement you make will be due to your hard work, time and investment, so you’re bound to feel proud when you step inside a room. It could help you fall head over heels in love with the space and enjoy many happy years in the property.
- Little Changes Can Make a Big Difference
Small changes to a run-down property could make a big difference to its interior, atmosphere and value. While there are bound to be some DIY projects that will cost a substantial sum, you could make small, affordable tweaks that will make a big difference once you receive the keys.
For example, you could transform its look and feel by:
- Giving the walls a fresh lick of paint
- Fixing broken door latches
- Removing dated details, such as dado rails and artex ceilings
- Improving lighting
- Replacing loose tiles
- Painting or replacing doors
Conclusion
Buying a run-down property is a big risk, but even new builds can have problems you might not discover until you receive the keys. If you have money to renovate a run-down home and love the idea of flipping it, don’t rule out buying a property that needs a little TLC. Also, set aside 20% of your budget to cover the cost of any unexpected repairs, which will ensure you don’t go over-budget.